* Intuit buys personal finance site Mint.com for $170 mln
* Intuit to use Mint.com technology on Quicken.com site
BOSTON, Sept 14 Intuit Inc (INTU.O) is buying
Mint.com after an unsuccessful attempt to build a rival
web-based personal financial software service under its
The deal is part of Chief Executive Brad Smith's drive to
expand offerings of web-based services, a market that is
growing far faster than the PC-based software the company has
sold since it was founded in 1983.
The software maker said Monday it will pay about $170
million in cash for Mint.com, which has more than 550,000
active users of its service that helps track personal finances
over the Web.
Intuit launched a rival product in January 2008, initially
charging $2 per month for the Quicken Online service. The other
key player in the field is Microsoft Corp (MSFT.O)
Intuit stopped charging for the product in October 2008
because of difficulty competing with Mint.com, which is free
and makes money referring users to banks and other
Intuit Senior Vice President Dan Maurer said in an
interview that Quicken Online has "many fewer" active customers
than Mint.com, though he declined to elaborate.
While Intuit will continue to offer a service using the
Quicken Online brand, it will switch over to the Mint.com
technology and advertising model. Quicken Online currently does
not include any advertising.
Mountain View, California-based Intuit said it expects to
close the deal in the fourth quarter of this year. It will
reduce fiscal year 2010 per-share profit excluding items by
about 2 cents.
(Reporting by Jim Finkle; Editing by Tim Dobbyn)